Four Seasons care

Real estate property company LDC Care Homes has moved its portfolio from Four Seasons Health Care Group (FSHC) to new operators.

The portfolio, formerly known as the Loyds Portfolio, comprises real estate underlying 61 care homes (54 trading and seven closed), which was previously leased to FSHC.

Last year, LDC’s advisor Elevation Advisors carried out a strategic review of the portfolio and designated 39 care homes as ‘core’ (providing 1,700 purpose-built beds, of which 75% are located in England and 25% in Northern Ireland), and 21 care homes as ‘non-core’.

Elevation then transitioned the operations underlying the core homes to new operators on new 35-year full repairing and insuring leases with institutional terms. The new operators were selected based on their geographic and operational synergies, their ability to integrate the homes, and their capability in providing continuity of care from FSHC. In addition, LDC committed to substantial capex investment across the portfolio for refurbishments and extensions to improve the built environment, benefit residents and staff, and future proof the properties.

In addition, Elevation worked with the care regulatory bodies to ensure compliance in the transitioning, completed the sale of 14 of the non-core properties in partnership with Christie & Co, and supported the portfolio through the transitioning phase.

Hunter Drew, partner at Elevation said: “We thank the operators and their staff for their extraordinary efforts to keep the residents safe and thoughtful partnership during the course of the year against the backdrop of turbulence and unprecedented uncertainty caused by the Coronavirus pandemic.”

Date published: February 15, 2021

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